“The Chancellor’s proposals are a reasonable response to a serious issue. Crucially, however, what hasn’t been discussed is how these measures and control mechanisms will be implemented. Broader licensing rules, tighter controls on manipulations such as delaying order flow and increasingly stringent reviews are only effective if a sophisticated automated system is introduced to monitor this huge market. Without it, the new measures won’t make a real difference.

Naturally the global nature of FX means that there are limits on the extent to which UK regulation can control the market, however there is no doubt that authorities on both sides of the Atlantic are moving in the same direction and it is good to see the UK’s undoubted leadership in FX volumes reflected in its government’s leadership of the campaign to eliminate market abuse.”

Patrick is one of the most successful bankers of his generation. His previous senior roles included being a Board Member at Raiffeisen Bank International – one of the leading banking groups in Austria and Central and Eastern Europe – in charge of markets (forex, derivatives, etc) and investment banking. He was previously Global Treasurer for Arab Bank (2000-2004), which has the largest global Arab banking network and is strong in the capital, forex and related markets – a role he had previously performed at top international bank Creditanstalt/Bank Austria (1988-2000). He started his career at Chemical Bank in 1979 (now JPMorgan Chase & Co.) for which he founded and ran an international broker dealer, covering an array financial instruments, out of New York in the 1980s.